New York, US, July 01, 2021 (GLOBE NEWSWIRE) -- Aerospace 3D Printing Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Aerospace 3D Printing Market Information by Technology and Region - Forecast till 2026”, the market is projected to cross USD 5.58 Billion by 2026 at 25.7% CAGR.
Aerospace 3D Printing Market Scope
The rising need for advanced manufacturing technologies to produce complex aerospace parts can promote the growth of the aerospace 3D printing market in the years to come. The surge in defense expenditures can impact the aerospace 3D printing market growth. Globally, defense and military spending has surged significantly in recent times. The global military expenditure is observed to surge by 2.6%, and as defense expenditure increases. The demand for technologically advanced aircraft, such as; UAVs, fighter jets, and helicopters, is also observed to surge. The rise in passenger traffic and significant rise in need for new aircraft solutions can promote the expansion of the market in the years to come. The replacement of traditional solutions with 3D printed replacement parts can support the market rise. In addition, the increase in the commercial and civil applications of UAVs can favor market expansion. The development of advanced 3D printers solutions can support the market rise.
Market Drivers
The upsurge of the global aerospace 3D printing material device market can be attributed to the rise in demand for modern aircraft solutions as air passengers rise.
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Aerospace 3D Printing Market Competitive Landscape
Some of the eminent players that are functioning in the worldwide aerospace 3D printing market are;
- 3D Systems Corporation (US)
- Aerojet Rocketdyne (US)
- Arcam AB (Sweden)
- Envisiontec GmbH (Germany)
- EOS GmbH (Germany)
- Höganäs AB (Sweden)
- Materialise NV (Belgium)
- MTU Aero Engines AG (Germany)
- Norsk Titanium AS (Norway)
- Stratasys Ltd. (Israel)
Market Restraints
The aerospace 3D printing market can experience problems with fuel efficacy that can hinder the market surge.
COVID 19 Analysis of Aerospace 3D Printing Market
The rise in count of COVID 19 patients has increased the need for air ambulance, thus applications of 3D printing solutions are observed to increase. Therefore, the COVID 19 pandemic is observed to positively impact the aerospace 3D printing market in the upcoming years.
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Market Segmentation:
The segment analysis of the aerospace 3D printing market is based on technology and industry.
The technology-based segments of the aerospace 3D printing market are Stereolithography (SLA), Selective Laser Sintering (SLS), Direct Metal Laser Sintering (DMLS), and Fused Deposition Modeling (FDM). The stereolithography (SLA) segment can acquire the largest market share and thrive at a high CAGR by 2027. SLA technique is often used in aviation for designing prototypes and plastic parts. However, the time required in the same is less with 3D design
The industry-based segments of the aerospace 3D printing market are Aircraft, Spacecraft, and UAVs. The aircraft segment can hold the largest market share by 2027 as 3D printing offers effective solutions in designing and producing complex parts of aircraft. Moreover, 3D printing produces jigs, fixtures, aids, gauges, and other tools that increase production efficiency while minimizing expenses and delays. Thus, the segment can thrive in the years to come.
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Regional Analysis:
North America can dominate the global aerospace 3D printing market and the trend is expected to continue over the assessment period owing to the existence of reputed players, such as; Aerojet Rocketdyne and 3D Systems Corporation. The substantial investments made by them in the upgradation and development of aerospace 3D printers and their components can support expansion of the market in North America. In Europe, the surging adoption of UAVs and fighter jets by military forces to deploy in tactical missions can drive the aerospace 3D printing market in the assessment tenure. In Asia Pacific, the aerospace 3D printing market can rise at a high CAGR in the forecast term due to surge in demand for new aircraft and escalating defense expenditures in regions, such as, China and India.
In Middle East & Africa, the surge in defense expenditures of Saudi Arabia, Israel, and the UAE, can favor the growth of the aerospace 3D printing market in the review tenure. The presence of reputed airlines, such as; Saudi Arabian Airlines and Etihad Airways, can drive the market in the review tenure.
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